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Aleksandr V. Gevorkyan

This chapter attempts to shift the international business discourse on post-socialist periphery closer to an informed country-specific analysis framework. Focusing on the key empirical forces of economic and social transformation, the chapter attempts to rationalize recent experiences in the transitional periphery by studying the examples of the Republic of Armenia and the Republic of Georgia within an international business context. For institutional economics, these two experiences increase the significance of gradualism in macroeconomic and institutional transformation. Concerning research directions and management tips in the field of international business research, the lesson is to anticipate the sustained dynamic evolution of macrostructures and business categories in the two specific cases, and in the transitional periphery more generally. For both academia and practice, the challenge then is ‘to act’ towards developing a multifaceted analytical methodology, maintaining an open outlook across the diversity of economic models. As a result, the exploration in this chapter suggests that immersion in country-relevant characteristics remains a required and objective paradigm in either academic or business evaluation strategy.

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Lucas Bernard, Aleksandr V. Gevorkyan, Thomas I. Palley and Willi Semmler

This paper explores long wave theory, including Kondratieff's theory of cycles in production and relative prices; Kuznets's theory of cycles arising from infrastructure investments; Schumpeter's theory of cycles due to waves of technological innovation; Goodwin's theory of cyclical growth based on employment and wage share dynamics; Keynes–Kaldor–Kalecki's demand and investment-oriented theories of cycles; and Minsky's financial instability hypothesis whereby capitalist economies show a genetic propensity to boom–bust cycles. This literature has been out of favor for many years but recent developments suggest a re-examination is warranted and timely.